Renault's takeover of Lotus F1 Team may eventually happen after the Renault Group and Gravity Motorsports S.a.r.l. announced the signature of a Letter of Intent in acquiring a potential controlling stake in the British-based team.

According to the company, this marks Renault's first step in making a Renault Formula 1 team that may participate in the 2016 season of the motorsport.

Exact details about the Renault-Lotus deal are yet to be revealed, but Renault Group did say that both it and Gravity Motorsports will work together in the coming weeks to make 'the initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties.'

Previously, we reported that Lotus F1 racing driver Romain Grosjean was waiting for the new Renault F1 team to takeover Lotus. But with several delays, Grosjean hinted that he may move on to another team if Renault does not acquire Lotus by the end of September.